Statewide market statistics for April of 2021 are in. Across the board, Missouri’s housing market continues to see an increase in residential properties sold, residential sale price and total dollar volume. While these double digit increases from 2020 are jaw dropping, there is still a dangerous decrease in inventory and a surge in pricing and competition across the state.
A quick look at the numbers reveals that the unprecedented, relentless demand for housing in April created a red hot marketplace yet again.
- Home sales in the state of Missouri increased since last April. Missouri REALTORS® sold 7,783 residential properties. This was a 26.8% increase compared to April 2020, when Missouri REALTORS® sold 6,139 residential properties.
- Of those sales, the average residential property sold for $254,631. Compared to the average sale price of $209,984 in April of 2020, there was a 21.3% increase.
- The median residential sale price also grew substantially, from $179,900 in 2020 to $210,000 in 2021. This is a 16.7% increase.
- In terms of dollar volume, Missouri REALTORS® saw an increase of 53.7%. We brought in over 1.9 billion dollars in April of this year compared to 1.2 billion dollars for the same time period last year.
From a national perspective, REALTORS® across the United States experienced similar trends yet again. Demand for housing remains high and inventory low. This continues to drive competition and high prices. Because of the steady decline of housing supply and the enormous competition among buyers, national home sales were down in April from the prior month, a recurring trend in 2021. However, as the National Association of REALTORS® indicates, the industry may see some relief from its inventory issues later this year.
"We'll see more inventory come to the market later this year as further COVID-19 vaccinations are administered and potential home sellers become more comfortable listing and showing their homes,” said Lawrence Yun, NAR's chief economist. “The falling number of homeowners in mortgage forbearance will also bring about more inventory.”
Yun added, "Despite the decline, housing demand is still strong compared to one year ago, evidenced by home sales from this January to April, which are up 20% compared to 2020. The additional supply projected for the market should cool down the torrid pace of price appreciation later in the year."
For more insight on the market statistics from April 2021, be sure to watch the breakdown video with our Missouri REALTORS® CEO John Sebree.